G20 finance leaders have agreed to implement a well-calibrated, well-planned, well-communicated normalization in monetary policy to mitigate the effects of the US Federal Reserve’s interest rate hike. The agreement was reached during the second day of a meeting of G20 finance ministers and central bank governors in Jakarta, host country Indonesia.
Bank Indonesia governor Peri Varajio said developed countries should ensure that the normalization policy has only minimal impact on global financial markets and no impact on developing countries. “This is an urgently important point, so that the global economy can return to long-term growth and the scars caused by the COVID-19 pandemic can be quickly recovered,” Varzio said. The Federal Reserve recently said that the central bank would have to raise interest rates “more aggressively.”
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